Why do you need a real estate attorney?
With thousands of real estate transactions taking place each day across the country, it is easy to assume that it is a very standard process. Most people believe that they do not have to involve a real estate attorney in the process because a realtor is involved. It is assumed that the realtor is qualified to handle the entire process.
While it is true that realtors must be very knowledgeable and experienced in this type of transaction, they are not qualified to provide legal advice or determine if all aspects of the contract are within the limits of the law.
There are many benefits to using a real estate attorney in any type of real estate transaction. Some of these benefits include:
• Terms of Contract. You will always benefit from having an attorney review the terms of the real estate contract and verify that it is in your best interest. This is especially true in commercial transactions and in non-conventional sales such as lease-to-own.
• Legality of Terms. Some real estate transactions have terms and conditions contained within them that are illegal or nearly illegal. An attorney can spot these issues and have them corrected or advise you to refrain from the sale.
• Due Diligence. Your attorney can verify that all the proper legal work has been conducted to make sure this is a valid sale. This will include verifying the Title Search and other legal documentation.
• Legal Advice. Your attorney can review the legal contract and other documents and verify that you understand all issues contained in them and what your legal rights are and are not according to the contract. They can provide you with valuable legal advice concerning the transaction and offer recommendations to improve the deal or possibly avoid the deal altogether.
Of course, the most important benefit is that as their client, your best interest always comes first. In most cases, a realtor must remain neutral between the parties and is not allowed to provide legal advice. With someone having your best interest in mind regarding the transaction, you know that you will have what is needed to make a good decision.